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CMA CGM announce new trade finance offering

07/11/2019

It is not only banks that are providing trade finance!

CMA CGM recently announced the pilot-phase launch of its SHIPFIN Trade Finance service, an all-digital platform that offers a variety of payments, invoicing and financing services to importers and exporters. 

Through SHIPFIN, importers will have access to supply chain financing, which includes extended payment deadlines of up to 120 days and digital payment tracking. Under cargo financing, exporters will have the option to accept upfront cash payments (up to 90% of the invoice value) after loading their goods and simplified currency exchanges, among other services.

SHIPFIN is currently available in seven pilot market : Dubai, India, Singapore, Malaysia, Indonesia, Hong Kong and the Philippines. CMA CGM said it will roll out the service to other countries going forward.


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We, as the issuing bank, requested the below document, under field 46A. “Insurance policy/certificate for 10.00 percent above CIF value payable to the order of Sampath bank PLC, covering institute cargo clauses (a), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage.” Insurance certificate is presented containing below wording on the face side of the document. “The settlement of loss and damage will be effected, unless otherwise provided, through the intermediary of Marsh SA/NV to whom all documents are to be forwarded for this purpose, and will collect the indemnity under deduction of a commission of one percent” Also, it indicates the LC conditions as a mirror image as follows under the heading of "letter of credit conditions" whereas insurance conditions are incorporated separately in the certificate: "covering institute cargo clauses (A), institute war clauses (cargo), institute strike clauses (cargo), transshipment risks marked premium paid claims payable in Colombo irrespective of percentage" Having considered the above clauses, we have quoted below discrepancies. 1) Insurance policy indicates a deductible of 1 pct instead of irrespective of percentage. 2) Insurance not marked premium paid Beneficiary’s bank disagrees with our discrepancy and raised below argument: “Insurance policy/certificate does not indicate a deductible of 1 pct irrespective of percentage on the face of the document and banks will not examine terms and condition in insurance document as per ISBP paragraph K22 and marked as premium paid under the LC conditions. Considering above, may we have your opinion on the discrepancy quoted by us and the counter argument raised by the beneficiary’s bank.